(2)If a majority in number representing three-fourths in value of the creditors, or class of creditors, or members, or class of members, as the case may be, present and voting either in person or, where proxies are allowed [under the rules made under section 643] [ Inserted by Act 65 of 1960, Section 151 (w.e.f. 28.12.1960).], by proxy, at the meeting, agree to any compromise or arrangement, the compromise or arrangement shall, if sanctioned by the [Tribunal] [ Substituted by Act 11 of 2003, Section 39, for " Court" .][[Provided that no order sanctioning any compromise or arrangement shall be made by the [Tribunal][unless the [Tribunal] [Inserted by Act 31 of 1965, Section 48 (w.e.f. 15.10.1965). ][is satisfied that the company or any other person by whom an application has been made under sub-section (1) has disclosed to the [Tribunal] [Inserted by Act 31 of 1965, Section 48 (w.e.f. 15.10.1965). ],[by affidavit or otherwise, all material facts relating to the company, such as the latest financial position of the company, the latest auditor's report on the accounts of the company, the pendency of any investigation proceedings in relation to the company under sections 235 to 251, and the like.] [Inserted by Act 31 of 1965, Section 48 (w.e.f. 15.10.1965). ]
